RingCentral, Inc. (NYSE:RNG) Shares Sold by Vanguard Group Inc.

Vanguard Group Inc. lessened its stake in RingCentral, Inc. (NYSE:RNG) by 0.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 11,667,475 shares of the software maker’s stock after selling 74,430 shares during the quarter. Vanguard Group Inc. owned about 12.90% of RingCentral worth $408,478,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Fort Washington Investment Advisors Inc. OH raised its holdings in shares of RingCentral by 32.5% during the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 550,304 shares of the software maker’s stock worth $19,266,000 after acquiring an additional 134,928 shares during the period. Hennessy Advisors Inc. acquired a new stake in RingCentral during the fourth quarter worth about $59,055,000. Beaumont Financial Advisors LLC purchased a new position in RingCentral during the fourth quarter worth about $262,000. 272 Capital LP acquired a new position in RingCentral in the 3rd quarter valued at about $436,000. Finally, Harel Insurance Investments & Financial Services Ltd. grew its stake in shares of RingCentral by 106.9% in the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 185,205 shares of the software maker’s stock valued at $6,484,000 after buying an additional 95,684 shares during the period. Hedge funds and other institutional investors own 98.61% of the company’s stock.

RingCentral Trading Up 2.0 %

Shares of NYSE RNG opened at $25.87 on Thursday. The stock has a market cap of $2.35 billion, a P/E ratio of -40.42, a PEG ratio of 1.27 and a beta of 1.20. The business’s fifty day simple moving average is $30.30 and its 200-day simple moving average is $33.36. RingCentral, Inc. has a 12-month low of $23.89 and a 12-month high of $42.19.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.73). RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The company had revenue of $614.51 million during the quarter, compared to analyst estimates of $612.37 million. On average, equities analysts forecast that RingCentral, Inc. will post 1.29 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Raymond James reduced their price target on shares of RingCentral from $45.00 to $40.00 and set an “outperform” rating on the stock in a research report on Friday, February 21st. Needham & Company LLC decreased their price target on RingCentral from $42.00 to $36.00 and set a “buy” rating on the stock in a research note on Friday, February 21st. Wells Fargo & Company reissued an “underweight” rating and set a $30.00 price objective (down from $38.00) on shares of RingCentral in a research report on Tuesday, January 7th. StockNews.com cut shares of RingCentral from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. Finally, Morgan Stanley lifted their price target on shares of RingCentral from $38.00 to $40.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $37.69.

Insiders Place Their Bets

In other RingCentral news, CEO Vladimir Shmunis sold 123,560 shares of the firm’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $28.56, for a total value of $3,528,873.60. Following the sale, the chief executive officer now directly owns 444,740 shares in the company, valued at $12,701,774.40. This trade represents a 21.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP John H. Marlow sold 35,089 shares of the company’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $28.56, for a total value of $1,002,141.84. Following the transaction, the senior vice president now directly owns 313,510 shares of the company’s stock, valued at approximately $8,953,845.60. This represents a 10.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 247,740 shares of company stock worth $7,099,279 in the last 90 days. Corporate insiders own 6.97% of the company’s stock.

RingCentral Company Profile

RingCentral, Inc, together with its subsidiaries, provides cloud communications, video meetings, collaboration, and contact center software-as-a-service solutions worldwide. The company’s products include RingCentral Message Video Phone that provides a unified experience for communication and collaboration across multiple modes, including HD voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers AI-powered omnichannel and workforce engagement solutions with integrated RingCentral MVP; and RingCX, an AI-powered contact center that a native delivers omnichannel experience.